Oil reclaims $50

West Texas Intermediate crude oil has reclaimed the $50 level for the first time in a month. The energy component trades up 1.3% at $50 a barrel as of 9:31 a.m. ET.

The energy component has rallied more than 14% over the past two weeks amid speculation OPEC producers would enetend their production cuts into 2018.

On Monday, e
nergy ministers from Russia and Saudi Arabia
that
supply cuts should be extended until March 2018
. That would be longer than the proposed six-month extension. Other energy ministers have come out since then, backing the proposed extension.